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Bank of India Revises Fixed Deposits Rates

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Bank of India Revises Fixed Deposits Rates
Rajat Mishra - 06 September 2019

Bank of India (BOI) has revised interest rates on fixed deposits (FDs), for less than Rs 2 crore with effect from September 1, 2019. The public sector bank offers FDs ranging from 7 days to 10 years. For deposits maturing in 7 days to 45 days, BOI offers an interest rate of 4.25 per cent per annum (p.a.). For deposits maturing in 46 days to 90 days, BOI gives 5.50 per cent interest. For 91 days to 179 days and 180 days to 269 days, Bank of India gives an interest rate of 5.75 per cent and 6.00 per cent respectively. The bank offers a 6.00 per cent interest rate on deposits maturing in 270 days and 1 year.

After the Reserve Bank of India reduced repo rate for the fourth time in August, many top lenders including HDFC Bank, ICICI Bank, Axis Bank, IDFC First Bank, PNB, Canara Bank and Bank of Baroda have revised interest rates across various tenures. Earlier in August the bank had revised the interest rates on term deposits in August.

Bank of India latest FD interest rates for general publicfor 7 days to 14 days is 4.25 per cent and for 46 days to 90 days is 5.50 per cent. Also consumers are going to fetch an interest rate of 6 per cent on FDs of duration of 180 days to 269 days.

Bank of India latest FD rates for general public for maturity between 1 year and 3 years,the bank will give an interest rate of 6.50 per cent. So, term deposits maturing in one year and above but less than two years, BOI offers 6.5 per cent interest rate. For FDs of duration between 1 year and above but less than 2 years is 6.50 per cent and for 2 year and above to less than 3 years is also 6.5 per cent.

Long-term FDs with Bank of India will fetch you a 6.5 per cent interest. For three years to less than eight years FD maturities, Bank of India gives 6.50% interest. For 5 years and above to less than 8 years is 6.50 per cent. For term deposits of 8 years and above 10 years, BoI will offer an interest rate of 6.35 per cent.

In order to create fewer and stronger global-sized lenders, last week, the government announced the merger of 10 public sector banks into 4 and that brought down the number of government banks in India from 27 to 12. However, Bank of India will continue to operate separately and is not going to merge with any other bank.

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